When choosing a new home, bigger isn’t always better, in fact, there can be many benefits to downsizing your home instead. So before you jump into selling your home and looking for more space, let’s look at the benefits of downsizing first.
The Benefits of Downsizing to a Smaller Home
Cuts the costs of bills
If you’re struggling to keep up with bills, downsizing could be a way of making some major cutbacks. Smaller homes aren’t just cheaper to buy/rent – they also come with lower energy bills as they require less energy to heat up, cool down and illuminate. Even if you’re not financially struggling, downsizing could still be a way of freeing up some extra disposable income.
Makes money out of your equity
If you own a home and have paid off most of your mortgage, you could find that you make some money by moving to a smaller home. A smaller home is likely to cost less. You may be able to buy it in cash, live mortgage-free, and have some equity left over to spend at your leisure. This is a common retirement strategy that can help free up extra money to live on.
May be able to afford a home in a better location
Downsizing your home could allow you to afford a home in a more attractive location. If you’ve always wanted to live by the sea but have never been able to afford a house, you could consider compromising for apartments such as these Sarasota apartments. It could similarly be a means for affording a home in a city or simply affording a home in a safer area if you’re looking for a good location to raise kids.
Gives you a reason to declutter
The biggest downside to downsizing is that you will inevitably need to get rid of a lot of stuff. However, this could be turned into something positive – if you’ve been clinging onto lots of stuff that you don’t actually want or need, downsizing could spur you on to finally getting rid of this stuff. It could be the beginning of a more organized and more minimal life.
Makes life with mobility issues easier
If you’re approaching your latter years and are starting to notice the early signs of mobility issues, it might make sense to move to a smaller home that isn’t so much of a physical strain to get around. This could include a bungalow or a first-floor apartment, preventing the need to climb stairs. This is a common reason why many people downsize during retirement.
Makes cleaning easier when downsizing
Bigger homes take more effort to clean. If you find cleaning to be a real chore, downsizing could make life a lot easier. It particularly makes sense if there are rooms that are gathering dust (such as rooms that kids have moved out of) and not being put to use.
Final Thoughts on Downsizing Your Home
Downsizing your home can mean less stress, more equity, and even a cleaner home. Before you go forward and start looking for a bigger and better house, think about looking for a smaller, more efficient home for your situation and who knows, maybe the money you save will send you on that dream vacation.